MultiBank Review 2024: Pros, Cons, & Fees

MultiBank’s global presence and ideal trading conditions make it one of the most competitive brokers around. For example, if you deposit $1,000 of trading funds to receive a $200 promotional deposit bonus, the volume requirement to redeem the bonus would be 80 standard lots – or 8,000,000 units of currency. When trading at that volume, you can easily end up earning (or losing) far more than the initial deposit bonus amount. The spread you’d end up paying to trade eight million units of currency will end up being greater than the deposit bonus. Yes, deposit bonuses offered by MultiBank Group are legit, but that doesn’t necessarily mean you’ll be able to redeem them. Such bonuses come with steep volume requirements that must be met before redemption is allowed, and it’s possible for your losses to far offset the amount promised by the bonus.

The Standard account requires just a $50 minimum deposit, but comes with higher relative spreads. In my opinion, MultiBank’s Standard account is best avoided unless you are a complete novice. The Pro account requires a $1,000 minimum deposit but features lower spreads than the Standard account. The lowest spreads available at MultiBank are featured on its ECN account offering, which requires a $10,000 minimum deposit and charges a small round-trip commission of $3 per trade.

Fees, Spreads, and Commission

They have a good customer service department, always answer any questions.. Wish their gold swaps were cheaper but you can’t have everything perfect. A generous bonus offering adds to the benefits available at MultiBank Group, which is one of the best overall brokers for committed traders. MultiBank offers a 20% deposit bonus capped at $40,000, subject to trading conditions. One of the most widely ignored trading costs is swap rates on leveraged overnight positions.

Deposit options

The account was opened with the MEX Atlantic Corporation entity of the broker. Some features and services may vary depending on where you reside and which entity you open an account with. Overall, Multibank offers a well-calibrated set of services geared towards traders with various experience levels and trading styles. It accommodates the needs of those interested in copy trading, automated trading, day trading, and more. Overall, MultiBank is a solid choice for anyone who wants a broker with longevity in the industry, multiple account options, and VPS hosting.

Offering of Investments

I determined that the Pro account strikes a fine balance between affordability and competitive prices. It features a combination of commission-free trading and floating spreads starting from 0.8 pips, with a minimum deposit requirement of $1000. I concluded that the Standard account with a $50 minimum deposit requirement is the most affordable. In this review, I tested MetaTrader 5, which features multiple essential tools, such as one-click trading, an alarm setting option, and a market depth tool.

1. Any questions I raised were never answered and I was sent numerous contradictory messages regarding refunds.
2. Company block your withdrawal and create some rules to make trade more and end up loosing your money very bad broker!
3. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews.
4. Wish their gold swaps were cheaper but you can’t have everything perfect.

The broker also offers Islamic accounts for swap-free trading, as mandated under Shariah law. Traders who want to open an Islamic account need to contact Multibank’s customer support and request the service from there. The huge amount of share CFDs caters to the limefx scam needs of stock traders, who can gain access to some of the biggest and most popular markets and exchanges in the industry. This is especially important given Multibank’s competitive trading fees on share CFDs. My tests indicate that Multibank’s Standard account is the most accessible one, but it also features trading fees that exceed the industry average.

While it is not a publicly traded company, its robust regulatory framework ensures a high level of trust. ForexBrokers.com rates its trust limefx scam score at 84, which classifies MultiBank as a “Trusted” broker. The minimum deposit requirement at MultiBank Group varies by account type, with the Standard Account needing a deposit of $50, the Pro Account requiring $1,000, and the ECN Account demanding $10,000. MultiBank Group provides mentorship programs where experienced traders can guide and mentor aspiring traders. No, MultiBank Group offers trading in a wide range of currency pairs, including major, minor, and exotic, totaling 55 pairs.

Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs. I also like the transparency concerning the paid-up capital at MultiBank Group, which stands at $322 million. Traders get negative balance protection, which I find paramount for leveraged trading, and all client deposits remain segregated from corporate funds. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency.